Question

You want to construct a confidence interval to estimate the population mean annual income for people over age in your state. You choose a random sample of such incomes and compute the mean of the sample as dollars with a standard deviation of dollars.

(a) Point Estimate:
What is the best point estimate, based on the sample, to use for the population mean?

Options:

A. The sample mean.
B. The sample standard deviation.
C. The population mean.
D. The sample size.

Answer 1

The best point estimate for the population mean is the sample mean (option A).

Step-by-step explanation:

The best point estimate for the population mean is The sample mean (option A).

A point estimate is a single value that estimates the population parameter. In this case, the population parameter we want to estimate is the mean annual income for people over age in your state.

The sample mean, denoted by x, is the average of the incomes in the random sample you chose. It provides an estimate of the population mean. Therefore, option A is the best point estimate to use for the population mean.